Robusta Coffee 10-T Futures Market News and Commentary
September arabica coffee (KCU22) on Friday closed down -5.45 (-2.37%), and Sep ICE Robusta coffee (RMU22) closed down -27 (-1.33%).
Coffee prices Friday closed moderately lower, with robusta tumbling to a 10-month low. Coffee prices declined on weakness in the Brazilian real (^USDBRL), which fell to a 4-3/4 month low against the dollar on Friday. The weaker real encourages export selling from Brazil's coffee producers. Coffee prices were also under pressure Friday after a tropical storm in the Caribbean moved away from Colombia, reducing the chances of damage to the country's coffee trees. Colombia is the world's second-largest producer of arabica beans.
Arabica coffee early Friday initially rallied to a 1-week high on shrinking coffee supplies after ICE monitored arabica coffee inventories Friday fell to a new 22-year low of 854,584 bags.
Robusta coffee remains under pressure on signs of abundant supplies after Vietnam's General Department of Customs reporte... Read more